We could hear it coming but saw no sign of the landing lights. It was dark, it got louder and louder ; then you could see the glow of the red beacon under the plane. He overshot the turn and went right over the car park and control tower as he powered up and went around for another try.

In a counter-intuitive way, the market is showing persistent tightness whereas coal demand is falling in most parts of the world, we think the current rally is overshooting, in a similar way as prices overshot on the way down in January 2016. It is not fueled by a genuine increase in demand but rather by a short- to medium-term delay for spare supply capacity to adjust to demand.